InvestorQ : What were the stocks that led the rally in the Nifty and Sensex on 01 December?
diksha shah made post

What were the stocks that led the rally in the Nifty and Sensex on 01 December?

Mitali Bhutta answered.
2 years ago

After the lull in the previous week, it was a bullish start to the week on 01 December. The bulls were back on attack and the concerns over the peak margin implementation had little impact on sentiments. Stock specific buying continued through the day.

On Tuesday, the Nifty and Sensex rallied to life-time highs on the back of very encouraging GDP data and signals of rapid progress on COVID-19 vaccine. The impetus got accentuated by a strengthening rupee and persistent foreign capital inflows into India as well as a strong rupee.

If you look at the indices, the Nifty rallied by 140 points to 13,109 while the Sensex rallied 506 points to 44,655; both above their psychological short term resistance levels. Some key index gainers included Sun Pharma, IndusInd Bank, Tech Mahindra, ONGC, Bharti, Infosys and Bajaj Auto.

Of course, there were the value losers too and they were across the banks and the FMCG pack. Kotak Bank, Nestle, Titan, HDFC Bank and NTPC lost heft on Tuesday as sector rotation was quite intense during the day as investors aggressively churned their portfolios.

The big global trigger for the markets came from strong factory output figures from China which eventually added to the optimism. In the last few days, the core sector and PMI Manufacturing have shown some loss of momentum. However, this is an optimistic market that has taken solace from the robust GST collection figures for Nov-20.